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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-05-023042.txt : 20050729
<SEC-HEADER>0001144204-05-023042.hdr.sgml : 20050729
<ACCEPTANCE-DATETIME>20050729113732
ACCESSION NUMBER:		0001144204-05-023042
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050729
FILED AS OF DATE:		20050729
DATE AS OF CHANGE:		20050729

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HIGHWAY HOLDINGS LTD
		CENTRAL INDEX KEY:			0001026785
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FABRICATED METAL PRODUCTS [3490]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28990
		FILM NUMBER:		05983388

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		LEVEL 8 LANDMARK N 39 LUNG SUM AVE
		STREET 2:		STE 810
		CITY:			SHEUNG SHUI
		STATE:			K3
		ZIP:			999999999
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v022597.htm
<TEXT>
<html>
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    <title>
      Unassociated Document
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    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <font face="Times New Roman" size="2">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>FORM
          6-K</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman" size="2"><br>&nbsp;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">REPORT
          OF FOREIGN ISSUER</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">PURSUANT
          TO RULE 13a-16 OR 15d-16 OF</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">THE
          SECURITIES EXCHANGE ACT OF 1934</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <font face="Times New Roman" size="2">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">For
            the month of July 2005</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
            <font face="Times New Roman" size="2">&#160;</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><u>HIGHWAY
              HOLDINGS LIMITED</u>___</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Translation
              of Registrant's Name Into English)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <font face="Times New Roman" size="2">&#160;</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <font face="Times New Roman" size="2">&#160;</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Suite
              810, Level 8</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Landmark
              North</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">39
              Lung Sum Avenue</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Sheung
              Shui</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><u>______New
              Territories, Hong Kong________</u></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Address
              of Principal Executive Offices)</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
              <font face="Times New Roman" size="2">&#160;</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Indicate
                  by check mark whether the registrant files or will file annual
                  reports under cover of Form 20-F or Form 40-F.)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Form
                    20-F <u>X </u>Form 40-F ___</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                    <font face="Times New Roman" size="2">&#160;</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Indicate
                      by check mark whether the registrant by furnishing the
                      information contained in this Form is also thereby furnishing
                      the information to
                      the Commission pursuant to Rule 12g3-2(b) under the Securities
                      Exchange Act of
                      1934.) </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                      <font face="Times New Roman" size="2">&#160;</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Yes
                        ___ No <u>X</u>_</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                        <font face="Times New Roman" size="2">&#160;</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(If
                          "Yes" is marked, indicate below the file number assigned
                          to the
                          registrant in connection with Rule 12g3-2(b): 82-_______________.)</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                          <font face="Times New Roman" size="2">&#160;</font></div>
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Attached
                            to this Report on Form 6-K are the press releases issued
                            by the
                            registrant on July 12, 2005 and July 28, 2005. </font></div>
                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                            <div><font style="FONT-FAMILY: Times New Roman" size="2"><br>&nbsp;</font></div>
                            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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                                </div>
                                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                  <hr style="COLOR: black" noshade size="2">
                                </div>
                              </div>
                              <div id="HDR">
                                <div id="GLHDR" style="WIDTH: 100%" align="right">
                                </div>
                              </div>
                            </div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                              <font face="Times New Roman" size="2">&#160;</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>SIGNATURES</strong></font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                              <font face="Times New Roman" size="2">&#160;</font></div>
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Pursuant
                                to the requirements of the Securities Exchange Act
                                of 1934, the
                                registrant has duly caused this report to be signed
                                on its behalf by the
                                undersigned thereunto duly authorized.</font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <font face="Times New Roman" size="2">&#160;</font></div>
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                      <div>
                                        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

                                            <tr valign="top" bgcolor="#ffffff">
                                              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                            </tr>
                                            <tr valign="top" bgcolor="#ffffff">
                                              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                                              <td colspan="2">
                                                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">HIGHWAY
                                                  HOLDINGS LIMITED</font></div>
                                              </td>
                                            </tr>
                                            <tr valign="top" bgcolor="#ffffff">
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">&#160;<br>&nbsp;</font></td>
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">&#160;<br>&nbsp;</font></td>
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">&#160;<br>&nbsp;</font></td>
                                            </tr>
                                            <tr valign="top" bgcolor="#ffffff">
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Date:&#160;July
                                                29, 2005</font></td>
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">By:&#160;&#160;</font></td>
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><u>/s/
                                                ROLAND W.
                                                KOHL&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                                                </u></font></td>
                                            </tr>
                                            <tr valign="top" bgcolor="#ffffff">
                                              <td colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                              <td align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Roland
                                                W. Kohl</font></td>
                                            </tr>
                                            <tr valign="top" bgcolor="#ffffff">
                                              <td colspan="2"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                              <td><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Chief
                                                Executive Officer</font></td>
                                            </tr>

                                        </table>
                                      </div>
                                    </div>
                                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                        <font face="Times New Roman" size="2">&#160;</font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 261pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                        <font face="Times New Roman" size="2">&#160;</font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 261pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                        <font face="Times New Roman" size="2">&#160;</font></div>
                                      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                                        <div id="FTR">
                                          <div id="GLFTR" style="WIDTH: 100%" align="left">
                                          </div>
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                                        <div id="PN" style="PAGE-BREAK-AFTER: always">
                                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                          </div>
                                          <div style="WIDTH: 100%; TEXT-ALIGN: center">
                                            <hr style="COLOR: black" noshade size="2">
                                          </div>
                                        </div>
                                        <div id="HDR">
                                          <div id="GLHDR" style="WIDTH: 100%" align="right">
                                          </div>
                                        </div>
                                      </div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                        <font face="Times New Roman" size="2">
                                        <img src="logo.jpg" alt="" width="623" height="199"></font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 261pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                        <font face="Times New Roman" size="2">&#160;</font></div>
                                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 261pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 261pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">NEWS
                                          RELEASE<br></font></div>
                                        <div align="center">
                                          <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

                                              <tr bgcolor="#ffffff">
                                                <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">CONTACTS:<font id="TAB2" style="COLOR: black; LETTER-SPACING: 81pt">&#160;</font>&#160;</font></td>
                                                <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                <td width="86%"><font style="FONT-FAMILY: Times New Roman" size="2">Gary
                                                  S.
                                                  Maier/Crystal Chang Warner&#160;&#160;</font></td>
                                              </tr>
                                              <tr bgcolor="#ffffff">
                                                <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                <td width="86%"><font style="FONT-FAMILY: Times New Roman" size="2">Maier
                                                  &amp; Company, Inc.</font></td>
                                              </tr>
                                              <tr bgcolor="#ffffff">
                                                <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                <td width="86%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(310)
                                                  442-9852</font></td>
                                              </tr>

                                          </table>
                                        </div>
                                        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman" size="2"><br>&nbsp;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HIGHWAY
                                          HOLDINGS LIMITED DECLARES ANNUAL CASH DIVIDEND
                                          </strong></font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HONG
                                          KONG - July 12, 2005</strong> - Highway Holdings Limited
                                          (<strong>Nasdaq: HIHO</strong>) today announced that
                                          its board of directors has
                                          declared an annual cash dividend of $0.20
                                          per share on the company&#8217;s common
                                          stock. The dividend will be paid August
                                          15, 2005, to shareholders of record on
                                          July 28<strong>,</strong> 2005.</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">It
                                          is the company&#8217;s policy to pay dividends when the company&#8217;s financial conditions
                                          permit. As announced on June 30, 2005,
                                          Highway Holdings completed the sale of
                                          its rights to use the <em>Kienzle</em> trademark in all markets, other
                                          than for
                                          clocks and watches, to a German marketing
                                          organization. The purchase price for
                                          the non-clock and watch rights for the
                                          Kienzle trademark was $1.0 million in
                                          cash. The sale of these rights will be
                                          booked in the company&#8217;s fiscal first
                                          quarter ended June 30, 2005. In addition,
                                          as part of the sale of the non-clock
                                          and watch rights to the <em>Kienzle</em> trademark, Kienzle AG also repurchased
                                          Highway Holdings&#8217; equity interest in Kienzle AG for 100,000
                                          euro (approximately
                                          $121,000). This investment had previously
                                          been written off in fiscal
                                          2004.</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>About
                                          Highway Holdings</strong></font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -22.5pt" align="left">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Highway
                                          Holdings produces a wide variety of high-quality
                                          products for
                                          blue chip original equipment manufacturers
                                          -- from simple parts and components
                                          to sub-assemblies and finished products.
                                          It also manufactures clocks, clock
                                          movements and watches for sale under the
                                          company's own Kienzle Uhren brand name,
                                          as well as for unaffiliated companies.
                                          Additionally, Highway Holdings
                                          manufactures or produces other finished
                                          products, including cameras and certain
                                          electronic products. Highway Holdings is
                                          headquartered in Hong Kong and operates
                                          manufacturing facilities in Shenzhen province
                                          of the People's Republic of
                                          China.</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -62.1pt" align="left">
                                          <font face="Times New Roman" size="2">&#160;</font></div>
                                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><em>Except
                                          for the historical information contained
                                          herein, the matters
                                          discussed in this press release are forward-looking
                                          statements which involve
                                          risks and uncertainties, including but
                                          not limited to economic, competitive,
                                          governmental, political and technological
                                          factors affecting the company's
                                          revenues, operations, markets, products
                                          and prices, and other factors discussed
                                          in the company&#8217;s various filings with the Securities and
                                          Exchange Commission,
                                          including without limitation, the company&#8217;s annual reports on Form 20-F.
</em></font></div>
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                                          <div><font style="FONT-FAMILY: Times New Roman" size="2">
                                            <img src="logo.jpg" alt="" width="623" height="199">&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">NEWS
                                            RELEASE</font></div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                            <font face="Times New Roman" size="2">&#160;</font></div>
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                                                  <tr bgcolor="#ffffff">
                                                    <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">CONTACTS:<font id="TAB2" style="COLOR: black; LETTER-SPACING: 81pt">&#160;</font>&#160;</font></td>
                                                    <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                    <td width="86%"><font style="FONT-FAMILY: Times New Roman" size="2">Gary
                                                      S.
                                                      Maier/Crystal Chang Warner&#160;&#160;</font></td>
                                                  </tr>
                                                  <tr bgcolor="#ffffff">
                                                    <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                    <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                    <td width="86%"><font style="FONT-FAMILY: Times New Roman" size="2">Maier
                                                      &amp; Company, Inc.</font></td>
                                                  </tr>
                                                  <tr bgcolor="#ffffff">
                                                    <td width="12%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                    <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                                                    <td width="86%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(310)
                                                      442-9852</font></td>
                                                  </tr>

                                              </table>
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                                          </div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                                            <font face="Times New Roman" size="2">&#160;</font></div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HIGHWAY
                                            HOLDINGS REPORTS </strong></font></div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>FISCAL
                                            2006 FIRST QUARTER RESULTS</strong></font></div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                            <font face="Times New Roman" size="2">&#160;</font></div>
                                          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>--OEM
                                              Sales Up 23.4 Percent; Company Records
                                              Extraordinary Net
                                              Gain of $940,000
                                              --</strong></font></div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div><font face="Times New Roman" size="2"><br>&nbsp;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HONG
      KONG &#8212; July 28, 2005 &#8212;</strong>
      Highway
      Holdings Limited (<strong>Nasdaq:HIHO</strong>)
      today
      reported&#160;results
      for its first fiscal quarter ended June 30, 2005 -- reflecting increasing
      strength of the company&#8217;s OEM manufacturing divisions and the impact of a
      previously announced reorganization to curtail its camera and clock operations
      and focus on OEM business.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Net
      income for the fiscal first quarter increased 56 percent to $540,000, or $0.16
      per diluted share, from $346,000, $0.11 per diluted share, last year, primarily
      due to a one-time $940,000 net gain related to the sale of a portion of the
      company&#8217;s rights to the <em>Kienzle</em>
      trademark. Net sales for the 2006 fiscal first quarter increased 6.8 percent
      to
      $6.6 million from $6.1 million a year earlier due to increased revenues from
      the
      company&#8217;s metal and electric OEM manufacturing operations. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">"Results
      for the first quarter reflect, in part, the impact of the previously announced
      strategic decision to curtail our camera and clock operations and focus
      primarily on the company&#8217;s profitable OEM manufacturing business. Though these
      actions are expected to provide significant long-term benefits, the impact
      of
      downsizing the camera and clock operations and replacing the camera and clock
      revenues with new OEM manufacturing revenues must be managed carefully. We
      continue to work diligently to minimize the impact in the future fiscal
      quarters. The strong increase of the company&#8217;s metal and electric OEM business
      for the quarter, which increased 13.4 percent and 78.5 percent, respectively,
      over the first quarter of Fiscal 2004, allowed us to curtail a substantial
      part
      of our camera and clock business without hindering the overall growth of the
      company,&#8221; said Roland Kohl, chairman and chief executive officer of Highway
      Holdings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Gross
      profit as a percentage of sales for the first fiscal quarter of fiscal 2005
      decreased to 21 percent from 24 percent in the same period a year ago. The
      company attributed the reduction primarily to the increases in the cost of
      raw
      materials, such as metal and plastic materials, and increases in labor and
      facility costs, as well as losses associated with the business
      transition/downsizing activities -- particularly the liquidation of certain
      clock and camera inventories at prices below the normal sales
      price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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          <font face="Times New Roman" size="2">&#160;</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div><font face="Times New Roman" size="2">&#160;</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Selling,
      general and administrative expenses increased by $205,000, essentially due
      to
      general increases in wages, salaries and additional personnel costs associated
      with implementing an ERP computer system and additional costs for accountants
      and office administrative staff. The additional accounting and administrative
      costs are in part due to increased accounting control systems related to
      Sarbanes-Oxley requirements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
      decreased gross profit combined with the increased SG&amp;A expenses resulted in
      a decrease in operating profit to $42,000 for the quarter compared with $342,000
      in the same quarter a year ago.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
      company is presently reorganizing operations into two main business sections:
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 1.25">
            <td align="right" style="WIDTH: 36pt">
            <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">a)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
                metal OEM business---- components, assemblies and finished products
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 1.25">
            <td align="right" style="WIDTH: 36pt">
            <font face="Times New Roman" size="2">&#160;</font></td>
            <td><font face="Times New Roman" size="2">&#160;</font></td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="LINE-HEIGHT: 1.25">
            <td align="right" style="WIDTH: 36pt">
            <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">b)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
                plastic/electronic OEM business---- components, assemblies and finished
                products</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><font face="Times New Roman" size="2">&#160;</font></div>
    <div><font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Sales
      derived from the company&#8217;s metal OEM manufacturing division during the current
      fiscal quarter increased by 13.3 percent to $4.3 million from $3.8 million
      in
      the comparable quarter last year. Sales from the company&#8217;s electronic OEM
      division, the fastest growing section of the OEM business, increased 78.5
      percent to $1.2 million from $669,000 in the same quarter a year
      earlier.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">As
      anticipated, camera sales decreased in the first fiscal quarter to $711,000
      from
      $1.1 million a year ago due to the company&#8217;s downsizing efforts and to market
      conditions for the company&#8217;s film based cameras in general. Camera sales
      represented 10.8 percent of total sales in the quarter ended June 30, 2005
      compared with 18.6 percent in the comparable quarter a year ago. Since most
      of
      the company&#8217;s camera products are film-based, the company&#8217;s camera operations
      are expected to be fully phased out during the second or third quarter of fiscal
      2006, excluding its underwater camera business which is expected to continue
      as
      part of the plastic/electronic OEM operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Watch
      and
      clock sales under the company&#8217;s own label declined to $371,000 from $552,000 a
      year ago - representing 5.7 percent of total sales compared with 9.0 percent
      last year. Products
      sold under the company&#8217;s Kienzle brand label will continue to be recorded
      separately. The
      company intends to sell, modify and/or retrench from this business over the
      balance of the current fiscal year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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          <font face="Times New Roman" size="2">&#160;</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <font face="Times New Roman" size="2">&#160;</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
          <font face="Times New Roman" size="2">&#160;</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
      company&#8217;s operating income was also adversely affected by an almost $400,000
      currency exchange loss due to the U.S. dollar/euro rate fluctuations. In the
      first fiscal quarter of last year, the company had a net currency exchange
      gain
      of $44,000. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
      company recorded extraordinary income of $940,000 as a result of the sale of
      its
      Kienzle brand name for products other than watch and clocks. The selling price
      for these Kienzle rights was $1,000,000. Kienzle is a trademark primarily
      associated with clocks and watches. The company intends to sell the remaining
      rights of the Kienzle brand for watches and clocks, as well as some, or all,
      of
      the assets of its watch, clock and camera operations. As a result, the company
      expects to receive additional extraordinary income during this fiscal year
      as a
      result of these sales efforts. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Kohl
      highlighted the company&#8217;s strong balance sheet. At June 30, 2005, the company
      had working capital of $10.7 million compared with $9.9 million at March 31,
      2005. The company&#8217;s cash position (including restricted cash) increased to $6.5
      million from $4.9 million, reflecting the proceeds from the previously announced
      sale of the Kienzle brand name and a reduction of the company&#8217;s accounts
      receivable by $688.000.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">The
      company recently declared a cash dividend of $0.20 per share, which dividend
      will be payable in August 2005 to holders of record on July 28,
      2005.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
      shareholders&#8217; equity improved to $13.7 million from $13.1 million last year. The
      company&#8217;s current ratio was 2.66:1 at June 30, 2005, with essentially no
      long-term debt.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>About
      Highway Holdings </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Highway
      Holdings produces a wide variety of high-quality products for blue chip original
      equipment manufacturers -- from simple parts and components to sub-assemblies
      and finished products. It also manufactures clocks, clock movements and watches
      for sale under the company's own Kienzle Uhren brand name, as well as for
      unaffiliated companies. Additionally, Highway Holdings manufactures or produces
      other finished products, including single-use and 35mm cameras and certain
      electronic products. Highway Holdings is headquartered in Hong Kong and operates
      manufacturing facilities in Shenzhen province of the People's Republic of
      China.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><em>Except
      for the historical information contained herein, the matters discussed in this
      press release are forward-looking statements which involve risks and
      uncertainties, including but not limited to economic, competitive, governmental,
      political and technological factors affecting the company's revenues,
      operations, markets, products and prices, and other factors discussed in the
      company&#8217;s various filings with the Securities and Exchange Commission, including
      without limitation, the company&#8217;s annual reports on Form 20-F.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <font face="Times New Roman" size="2">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <div style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <font face="Times New Roman" size="2">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HIGHWAY
          HOLDINGS LIMITED AND SUBSIDIARIES</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>Consolidated
          Statement of Income</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Dollars
          in thousands, except per share data)</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Unaudited)</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <font face="Times New Roman" size="2">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
          <div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="bottom" width="71%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" colspan="4" valign="bottom" width="25%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>Quarter
                        Ended June 30,</strong></font><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr>
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2005</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2004</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Net
                        sales</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">6,563</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">6,148</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Cost
                        of sales</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">5,182</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">4,672</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Gross
                        profit</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,381</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,476</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Selling,
                        general and administrative expenses</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,339</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,134</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Operating
                        income</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">42</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">342</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Non-operating
                        items</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Interest
                        expenses</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(29</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(24</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Exchange
                        gain (loss), net</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(398</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">44</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Interest
                        income</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">10</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Other
                        income</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">945</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">36</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
                        non-operating income</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">528</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">57</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Shares
                        of loss of affiliate</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(1</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
                    </td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Net
                        income before income tax</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">570</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">398</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Income
                        taxes</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">30</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #000000 thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #000000 thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">52</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Net
                        income before minority interest</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">540</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">346</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Minority
                        interest</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Net
                        income after minority interest</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">540</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">346</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Earning
                        per share - basic</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0.16</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0.11</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Weighted
                        average number of shares - basic</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,302</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,171</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="2%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ffffff">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Earning
                        per share - diluted</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0.16</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                    </td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">0.10</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>
                  <tr bgcolor="#ccffcc">
                    <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Weighted
                        average number of shares - diluted</font></div>
                    </td>
                    <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,455</font></div>
                    </td>
                    <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,374</font></div>
                    </td>
                    <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left">
                </div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                </div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right">
                </div>
              </div>
            </div>
            <div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>HIGHWAY
                HOLDINGS LIMITED AND SUBSIDIARIES</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2"><strong>Consolidated
                Balance Sheet</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(In
                thousands, except per share data)</font></div>
              <div>
                <table cellpadding="0" cellspacing="0" width="100%">

                    <tr>
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: medium none">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
                          <font face="Times New Roman" size="2">&#160;</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-FAMILY: Times New Roman" size="2">June
                          30,&#160;</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">March
                          31</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2005</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2005</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr>
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: medium none">
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none">
                        <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(Unaudited)</font><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Current
                          assets</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Cash
                          and cash equivalents</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">5,522</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,948</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Restricted
                          cash</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">965</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">965</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Short
                          term investment</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">296</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">296</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Accounts
                          receivable, net of doubtful accounts</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">4,477</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">5,165</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Inventories</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">5,212</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">5,062</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Prepaid
                          expenses and other current assets</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">709</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">721</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
                          current assets</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">17,181</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">16,157</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Property,
                          plant and equipment, net</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,245</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,473</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Investment
                          and advance in affiliate</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Industrial
                          property rights</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">403</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">468</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
                          assets</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">20,831</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black double">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">20,100</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Current
                          liabilities:</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Short-term
                          borrowings</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,437</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
                      </td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">2,846</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Current
                          portion of long-term debt</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">405</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">409</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Accounts
                          payable</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,330</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">1,449</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Accrual
                          payroll and employee benefits</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">358</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">331</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Accrued
                          mould charges</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">207</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">208</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Other
                          liabilities and accrued expenses</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">583</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">945</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Income
                          tax payable</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">129</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">119</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
                          current liabilities</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">6,449</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">6,307</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Long-term
                          debt</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">458</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">558</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Deferred
                          income taxes</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">174</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">174</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Minority
                          interest</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Shareholders&#8217;
                          equity:</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ffffff">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Common
                          shares, $0.01 par value, authorized 20,000,000
                          shares</font></div>
                      </td>
                      <td width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">33</font></div>
                      </td>
                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">33</font></div>
                      </td>
                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                    </tr>
                    <tr bgcolor="#ccffcc">
                      <td align="left" valign="bottom" width="71%" style="BORDER-BOTTOM: #ccffcc">
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: #ffffff">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">3,480</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Accumulated
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(85</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ccffcc"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(222</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Treasury
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black thin solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
                      <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(53</font></div>
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                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ffffff thin solid">
                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">(53</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">13,058</font></div>
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                      <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: #ffffff"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 117pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">Total
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">20,831</font></div>
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                      <td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: #ccffcc solid"><font style="FONT-FAMILY: Times New Roman" size="2">&#160;</font></td>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                        <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman" size="2">20,100</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
